Trade Review: USD/CHF

As stated in my recommendation, I waited until 7:00 am EST before I tried to enter my orders. Unfortunately, I could not get my limit orders at the levels recommended, so I waited until after the report to enter the market. The report was release at 8:30 am EST. The employment reported an increase of 138,000 jobs in April, significantly below consensus. We saw the dollar sell off after the report, and it did reach our short entry level and then bounced back up. As recommended, I did not enter short because it was too soon after the report. Alas, we never saw the pair drop back down to our short entry level. For record keeping purposes I will record it as a loss of 20 pips per lot.

Lot 1: -20 pips

Lot 2: -20 pips

Total: -40 pips

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About Pipcrawler

Every day, I try to find what I believe is the best looking short term currency trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology behind price movements in the foreign exchange markets, so you can learn to analyze your own currency charts and trade on your very own. To help you understand my trading approach, please read about my trading framework.

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